One of Deutsche Bank's ETF traders is understood to be joining a proprietary trading boutique with a reputation for generous pay.

DB insiders say Georges Amar left at the end of March 2019, shortly after Deutsche Bank paid disappointing bonuses for the previous year. Amar is understood to be returning to his previous employer, Goldenberg Hehmeyer Trading, where he will be the head of the European equity market making desk.

Amar declined to comment for this article and Deutsche Bank didn't immediately respond to a request for clarification on Amar's exit.

Goldenberg Hehmeyer Trading is an algorithmic trading boutique which specializes in ETF market making. It's understood that Amar will join in the next few weeks.

Unlike DB, Goldenberg Hehmeyer pays bonuses on an 'eat what you kill' basis, meaning that if traders generate high p&l they are assured of being paid. By comparison, Deutsche has increasingly moved to a model of high salaries and lower bonuses.

Amar spent a year and a half at Goldenberg Hehmeyer before joining Deutsche Bank in 2015. Insiders say the London ETF desk at the bank has seen other exits in the past six months. - Jamie Hartley resigned in January 2019 to join DWS asset management, for example.

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